Thinkorswim (TOS)

This customized Thinkorswim indicator shows stock option data as a panel on chart.

It makes possible for option traders to track multiple strikes with different underline stocks in one single chart. You don’t have to check every symbol and strike manually anymore. It will save you a lot of valuable time and improve your efficiency.

use Current Symbol: if set it to YES, then it will only show option data of the current chart symbol, it will ignore the symbol that you entered. if set it to NO, it will only show option data from the symbol you entered.

symbol: it only works when you set “use Current Symbol” to NO.

expire date: the expiration of the option in format of YYMMDD

strike price: the option strikes, if you entered a invalid number it will show nothing on chart.

CallAlertPrice: the price value used to compare with Call’s Last traded price.

PutAlertPrice: the price value used to compare with Put’s Last traded price.

uncheck the “Enabled” option to disable alert.

The best way to know how it works is to begin with an example.

If you want it to show the option data of ‘SPY’ with strike 230 and expires: April 13, 2017,

and get alerts if the Last of Call or Put is greater than $2.

Then you can use the following inputs if the current chart is ‘SPY’.

If the current chart is QQQ, and you want to watch the option data of ‘SPY’ with strike 230 and expires: April 13, 2017. Then set:

input useCurrentSymbol=no;

input symbol=”spy”;

input expireDate = “170413”;

input strikePrice = 230;

input CallAlertPrice=2;

input PutAlertPrice=2;

It will alert if the Last of Call or Put is greater than $2. You could uncheck the “Enabled” option to disable the alerts.

If you only want to track the options for the current symbol displayed in chart, then simply set

input useCurrentSymbol=Yes, then specify strike prices and expiry dates you are interested in.

The screenshot shown below is an example of adding this indicator 6 time with useCurrentSymbol=Yes and different strike and different expiry date.

Thinkorswim has a Probability Analysis tool which is very popular for option trading.

It also has a chart study (ProbabilityOfExpiringCone) that can plot Probability Cone on the most recent bar.

The limitation of the Probability Cone provided by Thinkorswim is that we can only view the cone on the last bar.
It is impossible to know the relative position of current price and previous Probability Cones.

The purpose of this indicator is to give us the ability to back test the Probability Cone.

Features and inputs.

Probability: The probability with which price will stay within the calculated range.

Bar: the number of bars used to shift backward.

Implied volatility(IV): the value of implied volatility to calculate the cone.

It only works on Daily, Weekly and Monthly timeframes.

It works for all kind of securities, not only Stock, but also Forex and Futures.

For example, if we have Probability=68.3, IV=0.11 and Bar =20.

The Probability Cone will be calculated and plotted from 20 bars back of the last bar on chart.

Normally, the Probability Cone is used for stock options analysis, but we can also use it in Forex.

The chart shown in below is a perfect example of applying it on FX.

When I test this indicator, I noticed that sometimes we can get better results if we plot the cone from previous swing high and low.

The extension lines of two Cones may form a support and resistance zone.

The Swing high low extension indicator will plot lines that represent the swing high low points based on the swing length input(number of bars to the left and right of the swing point).

Swing highs and lows can be used by traders to identify possible areas of support and resistance , which can then be used to determine optimal positions for stop-loss or profit target orders. If an indicator fails to create a new swing high while the price of the security does reach a new high, there is a divergence between price and indicator, which could be a signal that the trend is reversing.

Swing highs and swing lows are earlier market turning points. Hence, they are natural choices for projecting support and resistance levels. Every swing point is a potential support or resistance level. However, for effective trading, focus on major swing highs and lows.

This package includes Swing high low extension indicator, scan and screener(custom watchlist column). It works on any time frame(Tick, Minutes, Daily, Weekly, Monthly) and all markets(Stocks, Futures, Forex, Options,ETF, etc.)

The default SCAN will search any symbol that the Close cross below the swing low or cross above the swing high.

The default screener(custom watchlist column) will show labels whenever the Close cross below the swing low or cross above the swing high. It can be applied more than once on any time frame you choose.

**NOTICE**
This TOS script will only be sold to the first 100 traders and then it will not be sold again.
**NOTICE**

This signal indicator factors in more than 30 different types of indicators for you to use as entry and exit criteria to use for trading stocks and options and increase accuracy. If you can count, you can be a successful trader!

The Picky Signal uses a combination of : Money Flow, RSI, MACD, MACD Histogram, Moving Averages, Bollinger Bands, Zig Zag Lines, ADX, Directional Movement, multiple divergence and Candle Stick Patterns to determine which trade is most effective. All of these elements are compared across several different rules to maximize the accuracy. This approach helps you, the trader, increase your confidence and your probability of success!

It’s specially designed for long term trading,it works best on daily chart, but you can also use it on any other timeframes.

Since the algorithm contains both MACD and RSI divergence indicator special edition, you will get these 2 indicators for free.Both of them can be used independently.

After viewing the following screenshots, you will see it only gives couple signals in around 100 bars.
In other words, it only gives couple signals in a year on a daily chart, that why it’s called picky signal.

Please visit the following link for more info about Picky Signal Trading System FX version.